The Accuweather Corporation manufactures barometers and thermometers for weather forecasters. In an attempt to forecast its future needs for mercury, Accuweather's chief economist estimated average monthly mercury needs as: N = 500 + 10X where N = monthly mercury needs (units) and X = time period in months (January 2008= 0). The following monthly seasonal adjustment factors have been estimated using data from the past five years: Month Adjustment Factor January 15% April 10% July -20% September 5% December -10% (a) Forecast Accuweather's mercury needs for January, April, July, September, and December of 2010. (b) The following actual and forecast values of mercury needs in the month of November have been recorded: Year Actual Forecast 2008 456 480 2009 324 360 2007 240 240 Q 4. (B) Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output (No. of Workers) (No. of Units) 0 0 1 10 2 35 3 50 4 56 5 59 6 60 7 60 8 58 Determine the following schedules: (a) Marginal productivity of labor (b) Average productivity of labor (c) (d) Elasticity of production with respect to labor Draw and Show relationship MPL & APL
The Accuweather Corporation manufactures barometers and thermometers for weather forecasters. In an attempt to
N = 500 + 10X
where N = monthly mercury needs (units) and X = time period in months (January 2008= 0). The following monthly seasonal adjustment factors have been estimated using data from the past five years:
|
Month |
Adjustment Factor |
|
January |
15% |
|
April |
10% |
|
July |
-20% |
|
September |
5% |
|
December |
-10% |
|
(a) |
Forecast Accuweather's mercury needs for January, April, July, September, and December of 2010. |
|||
|
(b) |
The following actual and forecast values of mercury needs in the month of November have been recorded: |
|||
|
|
|
|||
|
|
Year |
Actual |
Forecast |
|
|
|
2008 |
456 |
480 |
|
|
|
2009 |
324 |
360 |
|
|
|
2007 |
240 |
240
|
|
Q 4. (B)
Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule:
|
Crew Size |
Total Output |
|
(No. of Workers) |
(No. of Units) |
|
|
|
|
0 |
0 |
|
1 |
10 |
|
2 |
35 |
|
3 |
50 |
|
4 |
56 |
|
5 |
59 |
|
6 |
60 |
|
7 |
60 |
|
8 |
58 |
Determine the following schedules:
|
(a) |
Marginal productivity of labor |
|
(b) |
Average productivity of labor |
|
(c) (d) |
Elasticity of production with respect to labor Draw and Show relationship MPL & APL |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
